Wednesday, September 27th 2023

Union Jack Oil

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Time for a bullish flag formation for Union Jack Oil?

“…A potentially transformational embarrassment of riches for Union Jack Oil…”

“The potential of the onshore West Newton project to Union Jack is significant due to its oil and gas volumes and reduced onshore development costs compared to alternatives resulting in economics that are highly favourable and a very valuable project from an industry perspective.”

The words of executive chairman David Bramhill about the excitement being generated by the latest addition to Union Jack’s portfolio.  The stake in the West Newton gas discovery in Yorkshire joins the two other major projects of Biscathorpe Westphalian and the Wressle discovery which the company says are all positioned to deliver growth in reserves, production and asset value.

Listen to David explain to Sarah Lowther why it’s ‘almost unbelievable’ that his company has a discovery BP or Shell would want in their portfolios, why Union Jack is cashed up and what’s driven the share price from £5 million to £42 million over the past two and a half years…

Watch David tell Proactive London’s Andrew Scott about the imminent drilling at the West Newton project, where an appraisal well will follow up last year’s successful discovery. The plan also includes the combined testing of the new well, West Newton B-1 (WNB-1), and the existing West Newton A-2 (WNA-2) discovery well.

The author was remunerated but does not hold shares in the company